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Updated almost 2 years ago on . Most recent reply

User Stats

13
Posts
3
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Stephen Butkus
  • Real Estate Professional
  • Sarasota, FL
3
Votes |
13
Posts

Duplex purchase going south

Stephen Butkus
  • Real Estate Professional
  • Sarasota, FL
Posted

Hello BP community,  I'm in the process of buying a fuiiy remodeled multi family. Before I put a offer in I looked to see if there were any open permits, there were none. I put a offer in and earnest this got accepted. The title company did a search and found out the sellers haven't passed a electrical and mechanical inspections and owed money to the county for delays. The title company couldn't clear to close. We gave the seller a 30 day extension to get the property to pass inspection. Its getting close to the deadline and I dont know if they can meet this date. My lender will charge me if they 2500 at closing if this deadline isn't meet. I tried to get closing credits from the seller but they didn't want to do it. This property is a great deal and I dont want to let it go that easy. I would pay the 2500 but I dont trust the seller to get the place to pass. Can use some suggestions on this deal please.

  • Stephen Butkus
  • Most Popular Reply

    User Stats

    1,794
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    1,238
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    Jay Hurst
    • Lender
    • Dallas, TX
    1,238
    Votes |
    1,794
    Posts
    Jay Hurst
    • Lender
    • Dallas, TX
    Replied
    Quote from @Stephen Butkus:

    Hello BP community,  I'm in the process of buying a fuiiy remodeled multi family. Before I put a offer in I looked to see if there were any open permits, there were none. I put a offer in and earnest this got accepted. The title company did a search and found out the sellers haven't passed a electrical and mechanical inspections and owed money to the county for delays. The title company couldn't clear to close. We gave the seller a 30 day extension to get the property to pass inspection. Its getting close to the deadline and I dont know if they can meet this date. My lender will charge me if they 2500 at closing if this deadline isn't meet. I tried to get closing credits from the seller but they didn't want to do it. This property is a great deal and I dont want to let it go that easy. I would pay the 2500 but I dont trust the seller to get the place to pass. Can use some suggestions on this deal please.


     What is the 2500 for that the lender would be charging? 

    • Jay Hurst
    business profile image
    Hurst Real Estate, INC
    4.9 stars
    85 Reviews

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